Ayala, Marubeni to build solar power plant in Philippines

27, Jul. 2020

Photo by Erika Fletcher on Unsplash
Photo by Erika Fletcher on Unsplash

MANILA, NNA – Philippine conglomerate Ayala Group’s power producer AC Energy Inc. and major Japanese trading house Marubeni Corp. will build a 150,000-kilowatt solar power plant on Luzon Island.

Axia Power Holdings Philippines Corp., a subsidiary of Marubeni, will obtain a 50 percent stake in Ingrid Power Holdings Inc., the special purpose vehicle of the Ingrid Project in Pililla, Rezal Province, initiated by AC Energy Philippines Inc., a subsidiary of the local power generation firm, AC Energy Philippines said last Thursday.

The share transaction is scheduled to be completed by the end of October. The solar power station is expected to become operational in the first quarter of 2021, the Philippine partner said in a statement.

AC Energy Philippines and ACE Endevor Inc., its wholly owned subsidiary, hold a combined 50 percent stake in the operator and the project.

AC Energy Philippines had invested 570 million pesos ($11.6 million) in the project as of January this year, according to the statement.